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Accounting Standards

rhas operates in New Zealand, Australia and around the world.

AASB Adoption of IASB Standards by 2005

The Australian Accounting Standards Board (AASB) has implemented the Financial Reporting Council's policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005.

Except for Standards that are specific to the not-for-profit or public sectors or that are purely domestic in nature, the AASB is using the IASB Standards as the foundation Standards to which it adds material detailing the scope and applicability of a Standard in the Australian environment. Additions are made where necessary to broaden the content to cover sectors not addressed by an IASB Standard and domestic, regulatory or other issues.

Australian Accounting Standard AASB 1, First-time Adoption of Australian Equivalents to International Financial Reporting Standards explains the transition from Australian equivalents to the International Financial Reporting Standards (IFFs).

AASB 1 is availalbe from http://www.aasb.com.au

Standards Relevant to Real Property
The following Standards are the Copyright of the Commonwealth of Australia (2005).

AASB 116 Property, Plant and Equipment (Issue date July 2004)
Operative date 1 January 2005
Pre-2005 set AASB1015, AASB 1021, AASB 1041

AASB 116 Property, Plant and Equipment (Issue date Dec 2004)
Operative date 1 January 2005
Pre-2005 set AASB1015, AASB 1021, AASB 1041

AASB 117 Leases
Operative date 1 January 2005
Pre-2005 set AASB 1008

AASB 136 Impairment of Assests
Operative date 1 January 2005
Pre-2005 set AASB 1010

AASB 140 Investment Property
Operative date 1 Janaury 2005
Pre-2005 set not applicable

Source: Australian Property Institute
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rhas is a New Zealand valuations, appraisal and brokerage firm for plant, machinery, equipment and all tangible assets excluding real estate. rhas New Zealand works with New Zealand's biggest companies to provide valuation and auction services across all industry sectors. rhas New Zealand valuers and consultants have a wealth of experience in conducting valuations from individual assets to large-scale and complex plants, machinery and equipment and associated infrastructure assets. rhas' valuers and auctioneers operate across the whole of New Zealand including Auckland, Christchurch, Wellington, Hamilton, Tauranga, Dunedin, Palmerston North, Hastings, Nelson, Napier, Rotorua, New Plymouth, Whangarei, Invercargill, Wanganui, Gisborne and the whole of New Zealand.